Gardner Business Index: Precision Machining October 2022

The Gardner Business Intelligence (GBI) Precision Machining Index started contracting in October, closing at 49.1, its lowest point since July 2020. See last month’s reading.

GBI: Precision Machining activity shows 4 of 6 components contracting in October.

Production and exports contracted in October at about the same rate as September.
Backlog and new orders contracted at faster rates.
New orders contracted to a point not seen in over 2 years.
Employment continues to grow at about the same rate it did in September, but not sufficiently according to ‘the word on the street.’
Supplier deliveries continued to lengthen at a slower rate, approaching readings that were more typical pre-pandemic.

Precision Machining Business Index

Precision Machining’s flat reading of 50 in September crossed into contraction in October, closing the month at 49.1.

Key Components (3-month moving average)

GBI components, backlog and new orders were among the faster contracting components in October. Supplier deliveries lengthened into familiar pre-pandemic territory.

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